Reuters: Market News: UPDATE 1-Wolseley says Europe still tough as profit rises

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UPDATE 1-Wolseley says Europe still tough as profit rises Mar 27th 2012, 06:35 Tue Mar 27, 2012 2:35am EDT * Interim dividend 20p per share * H1 pretax profit 250 mln stg; vs 195 mln stg * Revenue up 3 pct to 6.84 bln stg * Continued strong growth in U.S. and weakness in Europe LONDON, March 27 (Reuters) - Wolseley Plc, the world's biggest building supplies company, said recent growth had slowed on weaker trading in Europe, as it posted a 28 percent rise in first-half profit. Wolseley, operator of the Plumb Center and Ferguson chains in Britain and the United States, said pretax profit in the six months to end-Jan was 250 million pounds ($398 million), with revenue up 3 percent to 6.84 billion pounds. Sales at Wolseley's U.S. business, which represent around 45 percent of revenue, rose 9 percent and the firm said trading conditions there and in Canada had continued to be strong. The UK, which represents 15 percent of sales, declined 3 percent, while growth across Europe was mixed, with countries like Denmark, the Netherlands and Switzerland hampering growth elsewhere. Earlier this year the company sold its French distribution division Brossette and its UK-based Build Center business for 310 million pounds to Saint-Gobain -- which also owns the UK chain Jewson -- as part of a disposal strategy. The group increased its interim dividend by 33 percent to 20 pence per share. Shares in the FTSE 100 listed firm closed at 2519 pence on Monday, up 18 percent on three months ago, valuing the business at around 7 billion pounds. Link this Share this Digg this Email Reprints

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